Footloose Limited Acquired Furniture and Fittings on 1 July 2019

Footloose Limited acquired furniture and fittings on 1 July 2019 for $42 000. The estimated useful life of the furniture and fittings at acquisition date was 8 years and the residual value was $2000. The company sold all the furniture and fittings on 1 January 2025 for $18 000. The journal entry to reflect the sale is:

A) $\begin{array}{ll}\text { DR Cash } & \$ 18000 \\\text { DR Accumulated depreciation } & \$ 30000\\\text { CR Furniture and fittings }&\$42,000\\\text { CR Gain on sale }&\$6000\end{array}$
B) $\begin{array}{lll}\text { DR Cash } & \$ 18,000 & \\\text { CR Proceeds on sale } & & \$ 18,000 \\\text { DR Carrying amount of F \& F } & \$ 27,500 & \\\text { CR Furniture and fittings } & & \$ 27,500\end{array}$
C) $\begin{array}{ll}\text { DR Cash } & \$ 18,000 \\\text { DR Loss on sale } & \$ 3,500\\\text { CR Furniture and fittings }&&\$21,500\end{array}$
D) $\begin{array}{ll}\text { DR Cash } & \$ 18,000 \\\text { DR Accumulated depreciation } & \$ 27,500\\\text { CR Furniture and fittings }&&\$42,000\\\text { CR Gain on sale }&&\$3,500\end{array}$